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Note 2 - Accumulated Other Comprehensive Income
 12 Months Ended
Dec. 31, 2017
Notes to Financial Statements  
Comprehensive Income (Loss) Note [Text Block]
2
.
Accumulated Other Comprehensive Income
 
The following table presents changes in
AOCI by component, net of tax, for the periods indicated. The table also includes a total of
$633
thousand reclassified from AOCI to retained earnings related to the adoption of ASU
2018
-
02.
The Tax Act, among other things, reduced the US Federal corporate tax rate from
35%
to
21%
effective
January 1, 2018.
As a result, under U.S. GAAP, the Company was required to remeasure its net deferred tax assets at the new tax rate and recognize the adjustment through income tax expense. The adjustment through income tax expense leaves items presented in AOCI, for which the related income tax effects were originally recognized in other comprehensive income, unadjusted for the new tax rate. ASU
2018
-
02
allows the Company to reclassify the effect of the change in the tax rate from AOCI to retained earnings, which results in AOCI reflecting the new tax rate. Additional information related to the Company’s income tax expense and net deferred tax assets can be found in Note
10.
             
Year
Ended December 31,
 
201
7
   
201
6
 
(In thousands)
  
Unrealized
Gains and
Losses on
Available
for Sale
Investment
Securities
    
Postretirement
Benefit
Obligation
    
Total
    
Unrealized
Gains and
Losses on
Available
for Sale
Investment
Securities
    
Postretirement
Benefit
Obligation
    
Total
  
Beginning balance
   $
(3,363
 )   $
(45
 )   $
(3,408
 )   $
3,219
     $
(437
 )   $
2,782
  
Other comprehensive
income (loss) before reclassifications
    
489
      
(53
 )    
436
      
(3,983
 )    
356
      
(3,627
 )
Amounts reclassified from accumulated other comprehensive income
    
(13
 )    
52
      
39
      
(2,599
 )    
36
      
(2,563
 )
Net current-period other comprehensive
income (loss)
   $
476
     $
(1
 )   $
475
     $
(6,582
 )   $
392
     $
(6,190
 )
Adoption of Accounting Standards Update 2018-
02
    
(623
 )    
(10
 )    
(633
 )    
-
      
-
      
-
  
Ending balance
   $
(3,510
 )   $
(56
 )   $
(3,566
 )   $
(3,363
 )   $
(45
 )   $
(3,408
 )
 
 
The following table presents amounts reclassified out of accumulated other comprehensive income by component for the period indicated. Line items in the statement of income affected by the reclassification are also presented.
 
(In thousands)
  
Amount Reclassified from Accumulated
Other Comprehensive Income
  
Affected Line Item in the Statement
Where Net Income is Presented
Year Ended December 31,
  
201
7
    
201
6
    
201
5
    
Unrealized gains on available for sale investment securities
   $
20
     $
3,998
     $
171
  
Net gain on sales of available for sale investment securities
     
(7
 )    
(1,399
 )    
(60
 )
Income tax expense
    $
13
     $
2,599
     $
111
  
Net of tax
                           
Amortization related to postretirement benefits
                          
Prior service costs
   $
(75
 )   $
(50
 )   $
(51
 )
Salaries and employee benefits
Actuarial losses
    
(5
 )    
(5
 )    
(42
 )
Salaries and employee benefits
     
(80
 )    
(55
 )    
(93
 )
Total before tax
     
28
      
19
      
33
  
Income tax expense
    $
(52
 )   $
(36
 )   $
(60
 )
Net of tax
                           
Total reclassifications for the period
   $
(39
 )   $
2,563
     $
51
  
Net of tax